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Appliance Recycling Centers of America swings to loss in fiscal Q3

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Appliance Recycling Centers of America swings to loss in fiscal Q3

Appliance Recycling Centers of America Inc. said its normalized net income for the fiscal third quarter ended Oct. 3 was a loss of 9 cents per share, compared with 5 cents per share in the third quarter ended Sept. 27, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $535,750, compared with income of $296,000 in the third quarter ended Sept. 27, 2014.

The normalized profit margin fell to negative 1.9% from 0.9% in the year-earlier period.

Total revenue declined 15.3% year over year to $28.1 million from $33.2 million, and total operating expenses declined 10.2% from the prior-year period to $29.2 million from $32.5 million.

Reported net income totaled a loss of $758,680, or a loss of 13 cents per share, compared to income of $293,450, or 5 cents per share, in the third quarter ended Sept. 27, 2014.